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Icici Produntial
Icici Produntial
Introduction:
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank
Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life was amongst
the first private sector insurance companies which was founded and came into existence in 12
December, 2000 after receiving approval from Insurance Regulatory and Development
Authority of India (IRDAI). ICICI Prudential Life began its operations in fiscal
year 2001 and has consistently been the market leader amongst private players in the Indian
life insurance sector. The Assets Under Management (AUM) as on 31st March 2017
were `1,229.19 billion.
It has maintained top ranking in Claim Settlement Ratio amongst Private Life
Insurance companies since last 15 years as compared to other 26 Life Insurance companies,
as ICICI Prudential is only company with this achievement. It is fastest and highest claim
settlement ratio. ICICI Prudential company offers long term savings and protection products
to meet different life stage requirements of customers. The company have developed and
implemented various initiatives to provide cost-effective products, superior quality services,
consistent fund performance and a hassle-free claim settlement experience to the customers.
ICICI Prudential Life is the first private life insurer to attain assets under management of 1
trillion and In-force sum assured of over 3 trillion. ICICI Prudential Life is also the first
insurance company in India to be listed on NSE and BSE.
Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer
in the life insurance industry. This they hope to achieve through their commitment to
excellence, focus on service, speed and innovation, and leveraging our technological
expertise. The success of the organization will be founded on its strong focus on values and
clarity of purpose.
The company was incorporated at Mumbai on July 20, 2000 as ICICI Prudential Life
Insurance Company Limited, a public limited company under the Companies Act, 1956. Its
headquarter is in Mumbai. The company obtained the certificate of commencement of
business on October 16, 2000. The Company is registered with IRDA for carrying out the
business of life insurance pursuant to the registration certificate dated November 24, 2000.
For information of the companys profile, activities, services, products, market, growth,
technology, managerial competence, capacity built-up, standing with reference to prominent
competitors and major customers. Prudential Plc is a leading international financial service
group headquarter in United Kingdom. For the year ending March 2017, ICICI Prudential
Life Insurance Company has declared an equity dividend of 38.50% amounting to Rs 3.85
per share. At the current share price of Rs 461.50 this result in a dividend yield of 0.83%. The
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company has a good dividend track report and has consistently declared dividends for the last
5 years.
Chapter: 2
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Chapter: 3
Process Description:
The first step involves reporting your claims. The person can report their claims in following
ways:
Submit online
Call claim care
Visit Branch
E-mail claim or send sms
Direct mail
Our Claim Care team then scrutinizes the claim details and guides every individuals, at every
step of the way. The Claim Care team will assess your claim, inform in case any documents
are pending and raise a requirement within 8 calendar days.
Once the claim request is approved and we receive all the relevant documents, we settle their
claim within 12 calendar days, provided no investigation is required. Moreover, in order to
secure their settlement amount, reduce documentation and ensure the convenience, we use
electronic modes of transfer for settling their claim.
We believe that a hassle free claim settlement is the ultimate service we provide to our
customers.
View Timelines:
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Chapter: 4
Project Profile
ICICI Bank Limited is India's largest private sector bank and the second largest bank in the
country, with consolidated total assets of $121 billion as of March 31, 2008. ICICI Banks
subsidiaries include Indias leading private sector insurance companies and among its largest
securities brokerage firms, mutual funds and private equity firms. ICICI Banks presence
currently spans 19 countries, including India
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Chapter: 5
5.1 Findings
Graduates including under graduates and post graduates had shown greater preference
for purchasing life insurance policies, than others.
There are term plans which are not known to the public,
5.2 Conclusion:
The life insurance sector which is the most promising sectors in India has become a very
attractive destination for global insurance players. Increased dynamism in the external
environment in the form of growth in competition has made its imperative to bring about
transformation in the life insurance market. A key issue for the insurance players is to
recognize the relevant marketing dimensions reaching out both new and existing customers.
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Chapter: 6
Learning Experience:
This assignment apprised us & abrasive us of the legal formalities, technical procedure
regulatory norms, etc involved in the Banking & insurance industry.
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APPENDIX
(Questionnaire Format)
Name:-
Profile:-
Occupation:
Mobile No:
Landline No:
Email id:
Father : Mother:
Wife:
Child 1: Child 2:
Husband:
Brother: Sister:
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How do you know the candidate:-
Does she or her friends /relatives exposed to such an opportunity before(If yes give
details):-
Does he or his friends /relatives hold an agency with any of the life insurance companies
/ General Insurance companies:-
1)
2)
3)
Your comments on Was he satisfied / happy about the company & opportunity
awareness made by you to him:-
3 points why you think he is a right candidate for ICICI Prudential for recruitment:-
1)
2)
3)
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Objections raised by Candidate for not joining ICICI Prudential
1)
2)
3)
Was he/she satisfied with the answers given by you for his objections, Why you think
he/she is satisfied / not satisfied with your answers
1)
2)
3)
Why you think he is a right candidate for ICICI Prudential investment plans( 18%
Market linked returns / 8 % Guaranteed returns/ Tax saving plans) :-
1)
2)
3)
Why you think he has / Or does not have good knowledge /information of investments/
Markets.
1)
2)
3)
Follow Up date to approach the candidate for recruitment / Investment plans/ Both.
____________________
3 points Why you believe the candidate would be a right candidate for full time
employment in ICICI Prudential.
1)
2)
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3)
Do you believe he/she has good contacts & can be approached again for either
recruitment/ Sourcing investments plans.
3 positives/ Strengths
1)
2)
3)
3 Negatives/ Weaknesses
1)
2)
3)
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Bibliography
www.icicipruamc.com
www.irdaindia.org
Guided by Mr. Sujeet Singh Regional Manager of ICICI Prudential Life Insurance.
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